Oil Prices Close Near Flat as Markets Watch Middle East; WTI Up 0.34%

International oil prices closed near flat on November 6 local time, as expectations of easing tensions in the armed conflict between the United States and Iran were nearly matched by concerns about disruptions to crude oil supplies from the Middle East.

A naval vessel sailing in the Strait of Hormuz

On the New York Mercantile Exchange, West Texas Intermediate (WTI) futures for December delivery settled at $90.83 per barrel, up $0.31 (0.34%) from the previous session. Brent crude, the global benchmark, for January delivery closed at $98.32 per barrel, up $0.03 (0.03%) from the previous session.

International oil prices rose early in the session before reversing course and falling. After fluctuating throughout the day, they ended trading near flat.

Expectations that the Trump Administration could move to ease tensions amid the war with Iran, following the Democratic Party’s capture of both the House and the Senate in the U.S. midterm elections, put downward pressure on oil prices. The outlook is that lower war risks could facilitate traffic through the Strait of Hormuz, a key crude oil shipping route, and allow Middle Eastern crude supplies to expand again. Phil Flynn, a senior analyst at Price Futures Group, said, “Some of the geopolitical premium tied to the risk of war is being priced out of the market.”

Meanwhile, concerns about supply disruptions have persisted as attacks on civilian vessels continue in the Persian Gulf and around the Strait of Hormuz. According to major news outlets, a Greek ship management company said that on November 5, an explosion believed to have been caused by a missile attack struck an oil products tanker in the Persian Gulf, killing one crew member.

Yaniv Shah, an analyst at Rystad Energy, said, “The crude oil market is still waiting for a clear sign that a definitive agreement with Iran has been reached,” adding, “If a sudden clash breaks out on either side, crude oil supply and demand conditions could tighten again at any time.”

This content was produced with the assistance of AI translation services.